Women, near-retirees and younger retirees reported the largest drops in confidence, highlighting a growing need for highly personalized planning and education.
Our daily email brings you smart and engaging news and analysis on the biggest stories in business and finance. For free.
That works out to an additional $56 per retirement payment, bringing the average monthly benefit to more than $2,000.
One bit of advice from a longtime observer in the retirement business: Don’t shame people into claiming as late as possible.
It’s not all sunshine and roses, however, with economists still flagging rising inflation and a weakening labor market going forward.
The Social Security trust funds will only be able to pay out 77% of benefits by 2034, a new report from the administration found.
A plan to withhold all benefits until historical overpayments are recouped was scrapped in favor of a 50% rate.
It may be years before some Americans can get realistic estimates on payments from the beleaguered system.